Real property includes land, improvements attached to the land, such as buildings, and improvements to the land, such as driveways and bulkheads. Mobile homes and floating homes are valued as real property.
There are four categories of real property assessments.
- Industrial - Industrial lands are those lands and structures zoned and/or used for industrial purposes, such as manufacturing or fabrication.
- Commercial - These properties are zoned and/or used for commercial purposes, including retail, restaurants, offices, etc.
- Multi-Family - This category includes lands and structures zoned and/or used for residential purposes that have more than two living units.
- Residential - Properties and lands zoned and/or used for single-family purposes, including duplexes and condominiums.
Industrial, commercial, multi-family, and newly constructed residential properties are physically inspected and valued each year. Residential properties are physically inspected and valued once every six years, (see Physical Inspection Cycle Map), while the values of the remaining five-sixths are adjusted to market value based on sales information from the previous year. This process is known as Annual Assessment.